Exicom Tele-Systems Limited (EXICOM)
₹143.49 +0.69% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Exicom Tele-Systems' revenue was ₹331 Cr (+61.5% year on year, -14.7% on the previous quarter), and net profit ₹-73.6 Cr (a smaller loss than a year earlier); the operating margin was -6.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹331 | +61.5% | -14.7% |
| Operating profit | ₹-21.9 | loss narrowed | to loss |
| Net profit | ₹-73.6 | loss narrowed | loss widened |
| EPS (₹) | -4.98 | loss narrowed | loss widened |
| Operating margin | -6.6% | — | — |
EXICOM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 34.68% of the EXICOM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 38.04%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 34.6% · 30.5% · 36.2% · 48.2% · 34.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Exicom Tele-Systems submitted voting results and the scrutinizer's report for its 32nd AGM held on September 28, 2026. All 7 resolutions were approved by shareholders with the requisite majority. Key approvals included the adoption of standalone and consolidated financial statements, alongside three material Related Party Transactions (RPTs) between subsidiaries Exicom Power Solutions B.V., Tritium Power Solutions Pty Ltd, and Tritium Power Solutions Inc. For the RPT resolutions, promoters abstained, and public institutions and non-institutions approved them with over 99.7% in favour.
- All 7 resolutions approved with required majority at the 32nd AGM
- 99.9954% votes polled in favour of standalone and consolidated FY26 financial statements
- Promoters abstained from voting on Resolutions 5, 6, and 7 regarding inter-subsidiary RPTs
- Material RPTs between overseas Tritium entities and Exicom Power Solutions B.V. passed with >99.75% approval among voting public shareholders
- A total of 99 shareholders attended the AGM via video conferencing (4 promoter, 95 public)
Exicom Tele-Systems has received an Order-in-Original from the Customs Authority demanding Rs 14.49 Cr in customs duty along with applicable interest. The authority also levied an equivalent penalty of Rs 14.49 Cr on the company, plus personal penalties of Rs 1.45 Cr each on the MD & CEO, Whole-time Director, and CFO. The dispute centers on whether imported static converters were eligible for telecom duty exemptions or were meant for EV chargers. Exicom stated it intends to file an appeal within statutory timelines.
- Customs duty liability assessed at Rs 14,48,80,677 along with applicable interest
- Penalty of Rs 14,48,80,677 imposed on the company under Section 114A of Customs Act, 1962
- Personal penalties of Rs 1,44,88,067 each levied on MD & CEO Anant Nahata, WTD Vivekanand Kumar, and CFO Shiraz Khanna
- Dispute relates to BCD exemption claim on imported static converters classified under CTH 85044090
- Exicom plans to file an appeal against the order before appellate authorities
Exicom Tele-Systems Limited issued a clarification to the National Stock Exchange on August 28, 2026, regarding a significant increase in share trading volume. The company confirmed that it is fully compliant with Regulation 30 of SEBI Listing Regulations with no undisclosed material events or price-sensitive information. Consequently, management stated that the observed surge in trading volume appears purely market driven. The company reaffirmed its commitment to make prompt disclosures should any material events crystallize.
- Responded to NSE surveillance query letter NSE/CM/Surveillance/17431 dated August 28, 2026
- Confirmed zero undisclosed material events or unpublished price sensitive information (UPSI)
- Reiterated that recent increase in trading volume is purely market driven
Exicom Tele-Systems has dispatched intimation letters to shareholders without registered email addresses, providing weblinks and QR codes to access the Notice of the 32nd AGM and the FY 2025-26 Annual Report. The AGM is scheduled for September 28, 2026, at 11:00 AM IST via Video Conferencing. The cut-off date to determine e-voting entitlement is September 21, 2026, with remote e-voting open from September 24 to September 27, 2026.
- 32nd AGM scheduled for September 28, 2026 at 11:00 AM IST via Video Conferencing
- Cut-off date for e-voting entitlement set as September 21, 2026
- Remote e-voting window runs from September 24, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)
- Specimen letters dispatched to physical/non-email registered shareholders as per SEBI Listing Regulations
Exicom Tele-Systems Limited has issued the notice for its 32nd Annual General Meeting scheduled for September 28, 2026. Key agenda items include adoption of FY26 financial statements and reappointment of Director Himanshu Baid. The company is also seeking shareholder approval for material related party transactions up to ₹240 crore between its subsidiaries, Exicom Power Solutions B.V. and Tritium Power Solutions Pty Ltd. The remote e-voting window runs from September 24 to September 27, 2026, with a cut-off date of September 21, 2026.
- 32nd AGM scheduled for Monday, September 28, 2026, via Video Conferencing
- Shareholder approval sought for inter-subsidiary related party transactions up to ₹240 crore for Tritium operations
- Remote e-voting period open from September 24, 2026 (9:00 AM IST) to September 27, 2026 (5:00 PM IST)
- Record/cut-off date for e-voting eligibility fixed as Monday, September 21, 2026
- Ratification of cost auditor remuneration amounting to ₹1,60,000 plus applicable taxes for FY 2026-27
Exicom Tele-Systems has commenced commercial manufacturing of advanced liquid-cooled AC and DC power modules at its Hyderabad Smart Manufacturing Facility. The company states it is the first in India to manufacture this class of liquid-cooled power electronics for global markets, leveraging technology from its 2024 acquisition of Tritium. Initial production will cater to export demand in North America and Europe supporting Tritium's TRI-FLEX and DC-FLEX chargers, before integrating into Exicom's domestic Harmony DC charger lineup. This operational milestone is aimed at driving manufacturing synergies following Exicom's TTM net loss of ₹265 Cr.
- First company in India to manufacture advanced liquid-cooled AC and DC power modules for EV chargers
- Liquid cooling technology holds internal operating temperatures roughly 10°C lower than air-cooled units to counter the ~60% failure rate linked to thermal stress
- Initial production will target North America and Europe export markets for Tritium's ultra-fast DC charger portfolio
- Company reports over 2,00,000 total chargers sold worldwide across its business footprint
Exicom Tele-Systems has officially launched Liquid-Cooled Power Modules for EV Chargers in India on August 19, 2026. The new product falls under the power electronics category and caters to the EV charging infrastructure market. While revenue and volume potential were not quantified in the disclosure, the product expands Exicom's high-power DC charging hardware portfolio. This comes as the company seeks to improve margins following a TTM net loss of ₹265 crore on TTM revenue of ₹1,278 crore.
- Launched Liquid-Cooled Power Modules for EV Chargers on August 19, 2026
- Product falls under the power electronics segment
- Target market listed for India and international deployment
- Financial investment and initial order intake were not disclosed
Exicom reported a strong Q1 FY27 with consolidated revenue growing 61% YoY to Rs 331 Cr, driven by a 73% surge in the Critical Power segment. While the standalone business is profitable with an 8.8% EBITDA margin (Rs 21 Cr), the company remains loss-making at a consolidated level with an EBITDA loss of Rs 22.5 Cr, primarily due to the Tritium acquisition. The order book in Critical Power is robust at ~Rs 1,000 Cr, providing high revenue visibility. Management noted that Tritium bookings have doubled to over $20 million, signaling a potential turnaround.
- Consolidated revenue increased 61% YoY to Rs 331 Cr in Q1 FY27.
- Critical Power order book stands at ~Rs 1,000 Cr, which is approximately 87% of TTM revenue.
- BharatNet project contributes Rs 700 Cr in open orders plus a future Rs 800 Cr service order potential.
- Tritium (US acquisition) bookings doubled to north of $20 million compared to the usual $10 million range.
- Standalone EBITDA more than doubled to Rs 21 Cr with margins improving to 8.8%.
Exicom Tele-Systems has released the audio recording of its investor conference call held on August 10, 2026, to discuss Q1 FY2026-27 results. The company currently faces financial pressure with a TTM net loss of ₹274 Cr and a negative operating margin of -9.0%. Investors should look for management updates regarding the integration of the Tritium acquisition and the performance of the new Hyderabad manufacturing plant. The company is targeting growth through the BharatNet project and international EV market expansion despite significant price erosion in the EV charger segment.
- Conference call held on August 10, 2026, at 4:00 P.M. IST regarding Q1 FY27 results.
- TTM revenue stands at ₹1,152 Cr with a TTM net loss of ₹274 Cr.
- Promoter holding remains stable at 65.2% as of June 2026.
- Company is managing a debt of ₹373 Cr against a net worth of ₹931 Cr (D/E 0.40).
Exicom Tele-Systems has submitted its final statement of deviation for the quarter ended June 30, 2026, confirming that the Rs 400 crore raised through its IPO and Pre-IPO placement has been fully utilized. The company reported zero deviation or variation from the objects specified in the offer documents. Since the funds are now completely exhausted, the company will no longer be required to file these quarterly monitoring reports. This marks the successful completion of the capital deployment phase from its 2023-24 fundraising cycle.
- Total amount raised through IPO and Pre-IPO placement was Rs 400 crore
- 100% of the proceeds have been utilized as of June 30, 2026
- Zero deviation or variation reported in the utilization of funds
- Funds were raised between December 27, 2023, and February 29, 2024
- Audit Committee reviewed and approved the statement on August 10, 2026
Exicom reported a strong 61% YoY increase in consolidated revenue to ₹331 crore for Q1 FY27, driven by an 80% surge in the Critical Power segment and 15% growth in India EV charging. While standalone operations turned profitable with a PAT of ₹4.9 crore, the consolidated entity posted a net loss of ₹73.5 crore, largely due to the Tritium acquisition. Tritium's order book doubled sequentially to $20.8 million, with management targeting EBITDA breakeven by Q4 FY27. However, consolidated gross margins compressed to 31.7% from 39.4% YoY due to input cost pressures and currency volatility.
- Consolidated revenue grew 61% YoY to ₹331 crore, representing approximately 29% of TTM revenue.
- Critical Power segment revenue surged 80% YoY, supported by a 60% wallet share in Bharat Net Phase 3.
- Tritium order intake doubled quarter-on-quarter to $20.8 million (approx. ₹175 crore).
- AC charging sales grew 35% YoY, with plans to double AC line capacity starting Q3 FY27.
- Consolidated EBITDA loss narrowed to ₹21.9 crore from ₹38.6 crore in Q1 FY26.
Exicom reported a strong 61.2% YoY growth in consolidated revenue to ₹331.1 Cr for Q1 FY27, driven by both Critical Power and EVSE segments. While the standalone business is profitable with a PAT of ₹4.9 Cr and an 8.8% EBITDA margin, the consolidated entity remains loss-making (PAT -₹73.6 Cr) due to the Tritium acquisition. However, Tritium's bookings doubled QoQ to USD 20.8 million, with a breakeven target set for Q4 FY27. The Critical Power segment maintains a robust order book of over ₹1000 Cr, representing approximately 87% of TTM revenue.
- Consolidated revenue increased 61.2% YoY to ₹331.1 Cr in Q1 FY27
- Critical Power order book stands at ₹1000+ Cr as of June 30, 2026
- Tritium Q1 bookings reached USD 20.8 million, a 2x increase quarter-on-quarter
- Standalone EBITDA more than doubled to ₹20.9 Cr with margins improving to 8.8%
- Secured new orders worth ₹140 Cr+ for DC Power systems in Q2 FY27 to date
Exicom Tele-Systems has approved its Q1 FY27 financial results and confirmed the full utilization of its Rs 400 crore IPO proceeds as of June 30, 2026. The company successfully deployed Rs 145.77 crore for debt repayment and Rs 40 crore for R&D, meeting its stated objectives. Additionally, the board approved material related party transactions between subsidiaries, subject to shareholder approval. A notable corporate change occurred as Exicom Power Solutions B.V. ceased to be a wholly-owned subsidiary effective April 22, 2026.
- Rs 400.00 crore total net IPO proceeds fully utilized as of June 30, 2026.
- Rs 145.77 crore utilized for repayment or prepayment of company borrowings.
- Rs 40.00 crore invested in Research & Development (R&D) and product development.
- Rs 69.00 crore deployed to meet incremental working capital requirements.
- Exicom Power Solutions B.V. ceased to be a wholly-owned subsidiary on April 22, 2026.
Exicom Tele-Systems has approved the grant of 10,000 stock options to an eligible employee under its 2025 ESOP scheme. Each option is convertible into one equity share at an exercise price of ₹10, representing a deep discount to the current market price of ₹165.9. The vesting period is structured between 1 and 5 years, aimed at long-term employee retention. Given the company's market capitalization of ₹2,265 Cr, the dilution from this specific grant is negligible.
- Grant of 10,000 stock options to a single eligible employee under the ETSL ESOP 2025 scheme
- Exercise price fixed at ₹10 per share, significantly lower than the current market price of ₹165.9
- Vesting schedule ranges from a minimum of 1 year to a maximum of 5 years from the grant date
- Exercise period is limited to 6 months from the date of respective vesting
- Each option converts into one fully paid-up equity share of face value ₹10
Exicom Tele-Systems has announced a transition in its senior management team effective August 25, 2026. Mr. Sandeep Anand will retire due to superannuation on August 24, 2026, and will be succeeded by Mr. Tarak Nath Mukherjee, the current Head of Strategic Sourcing. Mr. Mukherjee brings over 24 years of experience in electronics and supply chain management, which is critical as the company manages a TTM revenue of Rs 1,151.68 Cr and seeks to reverse a TTM net loss of Rs 274.18 Cr. This appointment is strategic given the company's focus on supplier localization to combat pricing pressure in the EV charger segment.
- Mr. Tarak Nath Mukherjee brings over 24 years of experience in electronics and supply chain management.
- Mr. Sandeep Anand to retire from the company effective August 24, 2026, upon superannuation.
- The company reported a TTM revenue of Rs 1,151.68 Cr and a net loss of Rs 274.18 Cr in FY26.
- Operating margins for the TTM period stand at -9.0% due to intense pricing pressure in the EVSE segment.
Financial Performance
Revenue Growth by Segment
In Q2 FY26, the Critical Power segment grew 53% YoY to INR 161.5 Cr, while the EVSE (EV Charger) segment grew 55% YoY to INR 66.9 Cr. Total standalone revenue reached INR 228.4 Cr, representing a 54% YoY increase and a 52% QoQ increase.
Geographic Revenue Split
Not disclosed in available documents, though the company mentions operations in Southeast Asia and international demand for over 50,000 chargers sold in FY25.
Profitability Margins
Standalone Gross Margin declined to 26.4% in Q2 FY26 from 32.0% in Q2 FY25 due to a shift in product mix toward lower-margin lithium batteries. Standalone Adjusted PAT margin stood at 2.6% (INR 5.92 Cr) for Q2 FY26.
EBITDA Margin
Standalone Adjusted EBITDA margin improved to 6.6% (INR 15.1 Cr) in Q2 FY26 from 4.0% (INR 6.0 Cr) in Q2 FY25, driven by higher revenue scale. However, consolidated EBITDA remains negative at -11.6% (Loss of INR 32.7 Cr) due to the Tritium acquisition.
Capital Expenditure
The company is investing in a new manufacturing facility in Hyderabad featuring SMT lines; trial production is scheduled for November 2025 with commercial production starting January 2026 to enhance capacity and yield.
Credit Rating & Borrowing
CARE Ratings assigned a rating of CARE BBB+ / CARE A2, currently placed on 'Rating Watch with Developing Implications' with a Negative Outlook due to the Tritium acquisition's impact on liquidity and debt repayment.
Operational Drivers
Raw Materials
Lithium batteries (significant cost driver with lower margins) and SMT (Surface Mount Technology) components for power electronics manufacturing.
Capacity Expansion
Current capacity not specified in MT/units, but the company is expanding via the Hyderabad plant (commercial Jan 2026) to step up manufacturing technology and resource efficiency.
Raw Material Costs
Raw material costs are impacted by a shift toward lithium batteries, which carry lower margins than traditional products, contributing to a gross margin compression from 32.7% in Q1 FY26 to 26.4% in Q2 FY26.
Manufacturing Efficiency
The new Hyderabad SMT line is expected to yield better output from fewer resources, improving production efficiency starting in the next financial year.
Strategic Growth
Expected Growth Rate
54%
Growth Strategy
Growth is targeted through the BharatNet project (milestone deliveries started), expansion into electric utilities for SCADA network power systems, and the integration of the Tritium acquisition to capture international EV market share. The company is also leveraging a strong order backlog of over INR 1,400 Cr.
Products & Services
DC power systems, Lithium batteries, EV chargers (AC and DC), V2G (Vehicle-to-Grid) solutions, and SCADA network protection systems.
Brand Portfolio
Exicom, Tritium.
New Products/Services
V2G-ready chargers and Plug-and-Charge compatible systems; diversification into electric utilities is expected to add a few percentage points to revenue.
Market Expansion
Targeting the electric utility segment and expanding manufacturing footprint in Hyderabad to support both domestic and export demand.
Strategic Alliances
Strategic partnerships within the EV ecosystem are used to influence regulatory changes and strengthen market positioning.
External Factors
Industry Trends
The EV market shows robust growth with over 50,000 chargers sold, but industry tower roll-out growth has slowed to 3.8% YoY compared to an 8% 5-year CAGR. The industry is shifting toward V2G and integrated power solutions.
Competitive Landscape
Intense competition in the EV charger segment from domestic and international players is causing price erosion.
Competitive Moat
Moat is built on long-standing relationships with major telecom companies and a diversified product portfolio in power electronics. This is sustainable due to high switching costs in critical infrastructure and established manufacturing capabilities.
Macro Economic Sensitivity
Sensitive to changes in government EV infrastructure regulations and economic conditions affecting supply-demand in domestic and overseas markets.
Consumer Behavior
Sustained demand for EV chargers from both domestic and international customers, though price sensitivity is increasing due to market competition.
Geopolitical Risks
Geographic diversification is used as a strategy to reduce dependency on any single jurisdiction and mitigate regulatory risks.
Regulatory & Governance
Industry Regulations
Operations are subject to EV infrastructure regulations, government tax structures, and telecom project rules (e.g., BharatNet approvals).
Environmental Compliance
The company maintains a Business Responsibility and Sustainability Report (BRSR) and focuses on EV infrastructure which aligns with green energy regulations.
Legal Contingencies
The company reports no material weaknesses in internal controls over financial reporting; specific pending court case values are not disclosed.
Risk Analysis
Key Uncertainties
The Tritium acquisition poses a risk of continued consolidated losses (How: integration costs and subdued performance; Why: expected to pressure EBITDA for the next 4 quarters).
Geographic Concentration Risk
Not disclosed, but the company is diversifying geographically to reduce dependency on single jurisdictions.
Third Party Dependencies
Dependency on expert partners for new technology ideas and specific equipment suppliers for project execution.
Technology Obsolescence Risk
Risk of not keeping up with new technology (e.g., V2G); mitigated by regular system upgrades and team training.
Credit & Counterparty Risk
Receivables quality is linked to long-term contracts with telecom companies and government-backed projects like BharatNet.
